Commercial Banks Revise Ashwin Interest Rates; NMB Bank Leads with Significant Cuts

Commercial banks in Nepal have published their revised interest rate notices for the month of Ashwin, effective from Ashwin 1. The new rates reveal a combination of reductions and increases across various banks.

Out of the 20 commercial banks currently operating, nine have decreased their interest rates for individual fixed deposits, while two have implemented increases. The remaining nine banks have maintained their interest rates from the previous month, Bhadra.

Among the banks that have reduced their interest rates are NMB Bank, Kumari Bank, Prime Commercial Bank, Sanima Bank, Nepal SBI Bank, Nabil Bank, NIC Asia Bank, Everest Bank, and Rastriya Banijya Bank. In contrast, Agriculture Development Bank and Nepal Bank Limited have increased their rates for individual fixed deposits.

For the month of Ashwin, NIC Asia Bank is offering the highest interest rate on individual fixed deposits, with a maximum rate of 7.18%. On the other end, Sanima Bank is providing the lowest rate at 5.90% for individual fixed deposits. Institutional fixed deposits also show significant variation, with NIC Asia Bank offering a maximum rate of 6.18%, while Sanima Bank’s rate stands at 4.30%.